Utah Health and Life Insurance Exam Questions and Answers Already Passed
Question : Minimum Age to receive a license
CORRECT ANSWER : 18
Question : Continuing Education Hours
CORRECT ANSWER : 24 Hours every 2 years (3 Hours
must be in ethics)
Question : Insurer must respond to claimant communications
within how many days?
CORRECT ANSWER : 15 days
Question : Commissioner Powers and duties include:
CORRECT ANSWER : Imposing penalties, including fines,
suspensions, and revocations. All insurance forms (riders, policies, applications, endorsements, and contracts) must be filed and approved by the Commissioner.
Question : Gramm-Leach-Bliley Act (GLBA)
CORRECT ANSWER : Consumer - An individual about
whom a company collects information is a consumer.Customer - A customer is a consumer that has developed an ongoing relationship with a financial institution.
Question : Privacy Notices must explain:
CORRECT ANSWER : What info the company gathers
about the customer. Where that info is shared How the company safeguards that info
Question : Fair Credit Reporting Act
CORRECT ANSWER : Responsible for the opt-out
opportunity, but the privacy notice must inform the customer of this right under the GLBA.
Question : Insurance Consultants
CORRECT ANSWER : To become licensed as an insurance
consultant, a producer must have been licensed and actively transacted inurance for at least three of the four years immediately preceding the application for a consultants license.
Question : License Requirements
CORRECT ANSWER : 18 years old at least.
Question : Appointments
CORRECT ANSWER : All producers must be appointed by
at least one insurer.
Question : Misrepresentation
CORRECT ANSWER : It is illegal to make any written or
oral statement, sales presentation, or comparison that; misrepresents the dividends, benefits, advantages, conditions,
or terms of any policy. Example: uses a name of any
insurance policy that misrepresents its true nature.
Question : False Advertising
CORRECT ANSWER : It is illegal for any producer to
formulate or use an advertisement or statement that is untrue, deceptive, or misleading regarding any insurance company or persons associated with that company.
Question : Defamation
CORRECT ANSWER : Making any statement, written or
oral, that is false or maliciously critical of the financial condition of an insurance company or a producer representing that company is illegal.
Question : Rebating
CORRECT ANSWER: Offering valuable consideration,
other than that which is offered in the contract as an inducement to purchase a policy is illegal.
Question : Coercion
CORRECT ANSWER : Forcing a person to buy insurance
through a particular company or producer.
Question : Unfair Discrimination
CORRECT ANSWER : It is illegal to unfairly discriminate
between individuals of the same class and equal life expectancy in the rates, dividends, benefits, or terms of any life or life annuity contract. Unfairly discriminate between